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Only the brave will take on Air India, says billionaire

Indian billionaire Anand Mahindra said he was not brave enough to take on debt-laden Air India after the government said it would privatise the ailing national carrier.

PHOTO: BT FILE

[NEW DELHI] Indian billionaire Anand Mahindra said he was not brave enough to take on debt-laden Air India after the government said it would privatise the ailing national carrier.

Air India, known as the "Maharaja of the Skies" for its turbaned mascot, is reeling under 520 billion rupees (S$11.1 billion) in debt which clouded the government announcement of the selloff late Wednesday.

It is unclear if the government will write off any part of the debt. But there appeared little enthusiasm among potential buyers as markets opened Thursday.

The head of the Mahindra Group conglomerate, who is known for risky acquisitions, made it clear that he was not in contention.

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"I see myself as a generally courageous person," Mr Mahindra said on Twitter. "But I confess .. I don't possess THAT much courage." Once the country's monopoly airline, Air India has lost market share to new low-cost private carriers.